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Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Safe Harbor for Taxpayers with Forked Assets Act of 2018

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To provide temporary safe harbor for the tax treatment of hard forks of convertible virtual currency in the absence of administrative guidance.


Actions Overview (1)

Date
09/28/2018Introduced in House

All Actions (2)

Date
09/28/2018Referred to the House Committee on Ways and Means.
Action By: House of Representatives
09/28/2018Introduced in House
Action By: House of Representatives

Cosponsors (0)

No cosponsors.


Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Ways and Means09/28/2018 Referred to

No related bill information was received for H.R.6973.


Subjects (6)


Latest Summary (1)

There is one summary for H.R.6973. View summaries

Shown Here:
Introduced in House (09/28/2018)

Safe Harbor for Taxpayers with Forked Assets Act of 2018

This bill establishes a safe harbor period that prohibits certain penalties and additional taxes from applying to a taxpayer who receives a forked convertible virtual currency until the Internal Revenue Service issues regulations or guidance, or legislation is enacted, that addresses specified issues related to the tax treatment of forked convertible virtual currency.

A "forked convertible virtual currency" is any convertible virtual currency to which the taxpayer becomes entitled by reason of a hard fork. A "hard fork" is any material change in the shared digital ledger which is used to verify by consensus transactions in the currency if the change results in the maintenance of independent shared digital ledgers with respect to the currency.

The legislation, regulations, or guidance must prescribe

  • the tax treatment of receiving forked convertible virtual currency,
  • rules for calculating and allocating the basis of forked convertible virtual currency,
  • rules for calculating the fair market value of forked convertible virtual currency at any given time, and
  • rules for determining the holding period of forked convertible virtual currency.